Fidelity D & D Bancorp to acquire Landmark Bancorp for $43m
Fidelity D & D Bancorp has agreed to acquire rival Pennsylvania-based bank holding company Landmark Bancorp in a cash-cum-stock deal worth $43.4 million.
Landmark Bancorp is the holding company of Landmark Community Bank, a community bank based in Pittston. Landmark Community Bank offers commercial banking services via five bank centers in Luzerne and Lackawanna counties.
Based in Dunmore, Fidelity D & D Bancorp is the owner of The Fidelity Deposit and Discount Bank (Fidelity Bank).
Fidelity Bank is a state-chartered, FDIC insured bank and trust company that serves the Lackawanna and Luzerne counties and the Lehigh Valley. The bank has 20 branch offices and also wealth management offices in Schuylkill County.
Landmark Bancorp will be merged with and into a Fidelity D & D Bancorp acquisition subsidiary. Following this, Landmark Community Bank will merge with and into Fidelity Bank.
As per the financial results on 31 December 2020, the combined banking company would have total assets of around $2.05 billion, total deposits of nearly $1.8 billion, and loans of around $1.4 billion.
Daniel J. Santaniello – Fidelity D & D Bancorp President and CEO said: “Since its founding, Landmark has demonstrated methodical growth and developed a solid reputation in the community. The addition of Landmark provides continued momentum in the execution on our strategic plan and reinforces our position of strength in the local market.
“We believe that Landmark clients will benefit from the Fidelity Bank relationship banking model focusing on providing trusted financial advice that will enhance the product and service offerings to our combined customers.”
Landmark Bancorp shareholders will exchange each of their shares for 0.272 shares of Fidelity D & D Bancorp plus $3.26 in cash for each share. The transaction values each of the shares of Landmark Bancorp at $18.22.
Santo A. Insalaco – Landmark Bancorp board chairman said: “Partnering with Fidelity reflects our long-term commitment to the local community and our customers. We believe our customers will benefit from the trusted, well-respected and experienced community bankers at Fidelity, and we look forward to working together.”
The deal, which is subject to Landmark Bancorp’s shareholder approval, regulatory approvals, and meeting of other customary closing conditions, is likely to close early in Q3 2021.